![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
TSXV:INA | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES Iona Energy Inc. ("Iona" or the "Company") (TSX VENTURE:INA), is pleased to announce the closing of its previously announced Senior Secured Borrowing Base Facility for up to USD$250 million (the "BBF") with Bank of America Merrill Lynch, Lloyds TSB Bank plc, and BNP Paribas. Iona has also closed its acquisition of Carrizo UK Huntington Limited ("Carrizo UK"). The acquisition of Carrizo UK consists of: -- A 15% non-operated working interest in License P1114 of UK North Sea Block 22/14b covering the near-producing Huntington oil field development ("Huntington"); -- Royalties equivalent to 2.55% of total gross oil and gas production payable to Carrizo UK from the other Huntington Joint Venture Partners (the "Royalties"); -- A 100% interest in that part of Block 22/14d that contains the 3D seismically mapped extension of the Jurassic discovery which underlies Huntington; and -- Carrizo UK's ring-fenced tax losses totaling approximately USD$125 million as at the transaction effective date of July 1st, 2012. The working interests on License P1114 consist of E.ON Ruhrgas UK E&P (25% Operator), Premier Oil plc (40%), Norwegian Energy Company ASA (20%), and Iona (15%) (collectively the "Huntington Joint Venture Partners"). Under the terms of the Sale and Purchase Agreement, total consideration paid on closing by Iona to Carrizo Oil & Gas Limited ("Carrizo"), including financial and working capital adjustments was USD$172.6 million. Additional deferred payment of USD$18 million is due and payable to Carrizo upon receipt of first oil revenues. Huntington consists of Paleocene reservoir oil, located in Block 22/14b in the Central North Sea. Huntington has been developed with four production and two water-injection wells and will be tied back to Teekay's Floating Production Storage and Offloading ("FPSO") vessel, the Voyageur Spirit. The FPSO arrived at its final location on October 2nd, 2012. Final hook-up of risers has been completed and commissioning is now taking place, with first oil expected in the first half of 2013. Initial stabilized gross production rates are estimated to be approximately 30,000 bbls of oil per day ("bopd") and 27 MMscf of gas per day ("MMscf/d"), or 4,500 bopd and 4.0 MMscf/d, totaling 5,175 boepd net to Iona (not including approximately net 765 bopd and 0.68 MMscf/d attributed to the Royalties). Management believes peak production rates will be considerably governed by the processing capacity of the FPSO, and as a result production decline rates in the first 24 months are expected to be slight. Given the API of 43 degrees and other qualities of the Huntington crude oil, Iona anticipates a slight premium to Brent quality priced crude. As developed and under current market conditions, Iona estimates reserves for its interest in Huntington to be 3.5 MMbbls Proved Reserves, 6.0 MMbbls Proved plus Probable Reserves, and 7.3 MMbbls Proved plus Probable plus Possible Reserves respectively (excluding volumes attributed to the Royalties from the Huntington Joint Venture Partners). Iona expects to include the working and royalty interests in Huntington in its 2012 year-end independent reserves valuation due to be completed no later than April 30th, 2013. Iona also announces that it has made full payments to MPX North Sea Limited ("MPX") and Sorgenia (E & P) UK Limited ("Sorgenia") in respect to the combined total adjusted deferred consideration, interest and fees of USD$46.8 million related to the Orlando Sale and Purchase agreement dated June 7, 2012. About Iona Energy Iona Energy is an oil and gas exploration, development and production company focused on oil and gas development in the United Kingdom's North Sea. Note: (1) Prepared by a non-independent qualified reserves evaluator in accordance with the COGE Handbook, effective February 22, 2013. The securities of Iona being offered have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States. Forward-looking Statements Some of the statements in this announcement are forward-looking, including statements regarding the proposed terms of the Offering and anticipated closing dates of various transactions of Iona. Forward-looking statements include statements regarding the intent, belief and current expectations of Iona Energy Inc. or its officers with respect to various matters, including expected production and reserves of the Huntington field. When used in this announcement, the words "expects," "believes," "anticipate," "plans," "may," "will," "should", "scheduled", "targeted", "estimated" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, are based on various assumptions by Iona's management and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements, including without limitation, the risk that operational delays occur. These forward-looking statements speak only as of the date of this announcement. Iona Energy Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based except as required by applicable securities laws. Notes Regarding Reserves Estimates As used in this press release, "boe" means barrel of oil equivalent on the basis of 6 mcf of natural gas to 1 bbl of oil. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As used in this press release, "possible reserves" are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. Additionally, this press release uses certain abbreviations as follows: Oil and Natural Gas Liquids Natural Gas ---------------------------------------------------------------------------- bbls barrels Bcf billion cubic foot MMbbls millions of barrels MMcf million cubic feet MMboe million barrels of oil equivalent FOR FURTHER INFORMATION PLEASE CONTACT: Iona Energy Inc. Neill A. Carson Chief Executive Officer +011 (44) 1224 228400 Iona Energy Inc. Brad G. Gunn Chief Financial Officer (403) 775-7442
1 Year Iona Energy Inc. Chart |
1 Month Iona Energy Inc. Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions